The precious metal soared above $2,700 for the first time on Friday, bringing its weekly gain to nearly 2%.
Gold has been on a blistering rally. The precious metal soared above $2,700 an ounce for the first time on Friday, bringing its weekly gain to nearly 2%. That's roughly four times the S & P 500's 0.5% advance this week, and is also gold's fifth weekly advance in six weeks. Gold recently regained momentum after the Federal Reserve began its easing cycle with a half-percentage point rate cut last month. However, the latest upturn comes despite rebounds in Treasury yields and the U.
"hy is gold setting a record high when the dollar has been strong?" Tim Hayes, chief global investment strategist at Ned Davis Research, pointed to several factors that may be driving the precious metal. The reaction in the goild market suggests "that investors are skeptical that the rate rise will continue," Hayes wrote, referring to the global aggregate bond yield. The 10-year Treasury yield has soared to 4.08% from around 3.7% over the past month.
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